- New research from Moneyboat which implemented a survey of 2,000 UK adults has revealed the impact of unexpected costs across the UK, with home repairs being one of the stand-out factors.
- The research revealed that, on average, Brits have paid £562.10 on a most recent home repair cost.
- The results of the survey also revealed the average costs of unexpected home repairs across different age groups, sex, and regions in the UK.
The cost-of-living crisis is causing many people to tighten their budgets and leaving many people living on the edge of financial security, with recent data showing that 46% of people have less than £1,000 in savings and 25% have £200 or less1. This indicates that if an unexpected cost such as a car repair or expensive dental treatment were to come around, many would not have enough saved to cover it.
With this in mind, Moneyboat have carried out a survey which has revealed how much Brits have recently forked out on a unexpected home repair cost.
How much Brits have recently had to pay on an unexpected home repair cost:
| £0 – £99 | 5% |
| £100 – £249 | 9% |
| £250 – £499 | 13% |
| £500 – £749 | 10% |
| £750 – £999 | 5% |
| £1,000 or more | 11% |
| N/A – I do not own a home | 19% |
| N/A – I have not paid for this as an unexpected cost | 24% |
| Unsure | 4% |
| Average cost | £562.10 |
The survey also gathered data on how much different age groups, genders and regions have spent.
How much different age groups have paid:
| Age Group | Average cost of a recent unexpected home repair |
| 18 to 24 | £498.66 |
| 25 to 34 | £515.92 |
| 35 to 44 | £548.63 |
| 45 to 54 | £506.13 |
| 55 to 64 | £573.27 |
| 65 and over | £548.92 |
| Total Average | £562.10 |
How much each region has paid:
| Price Range | Total | East Midlands | East of England | London | North East | North West | Northern Ireland | Scotland | South East |
| £0 – £99 | 5% | 6% | 5% | 3% | 3% | 7% | 0% | 5% | 3% |
| £100 – £249 | 9% | 7% | 8% | 9% | 19% | 9% | 11% | 10% | 7% |
| £250 – £499 | 13% | 10% | 15% | 22% | 14% | 10% | 19% | 15% | 12% |
| £500 – £749 | 10% | 7% | 6% | 22% | 5% | 5% | 11% | 14% | 10% |
| £750 – £999 | 5% | 3% | 2% | 9% | 3% | 2% | 11% | 8% | 3% |
| £1,000 or more | 11% | 13% | 8% | 10% | 10% | 14% | 13% | 7% | 13% |
| N/A – I do not own this | 19% | 21% | 16% | 10% | 22% | 22% | 11% | 19% | 22% |
| N/A – I have not paid for this as an unexpected cost | 24% | 30% | 34% | 13% | 19% | 26% | 21% | 17% | 27% |
| Unsure | 4% | 3% | 6% | 2% | 6% | 4% | 4% | 5% | 4% |
| Average | £534.89 | £550.38 | £472.80 | £549.44 | £454.36 | £516.79 | £591.27 | £514.87 | £568.48 |
Other key statistics:
Nearly half (43%) are fairly worried about the impact an unexpected home-related cost would have on their savings and 17% are really worried. 35% would go to their parents for help if an unexpected home-related cost were to arise and 33% would go to their partner/spouse. Only 29% are confident that they currently have enough money saved for an unexpected cost.
If you’d like to read more about the results of the survey and the questions asked, you can read the full blog article on the survey via Moneyboat’s blog: https://www.moneyboat.co.uk/blog/the-impact-of-unexpected-costs-in-the-uk/
The post How much Britons have recently paid on an unexpected home repair cost appeared first on Property & Development Magazine.
